Real estate developer, Kanakia Spaces, has floated a new subsidiary called Kanakia Hospitality, that plans to invest over Rs 450 crore in the next two-years to develop three luxurious hotel properties, a top company official said.
Kanakia Spaces forayed into the hospitality business with the launch of Courtyard by Marriott at suburban Andheri and this is the company's first hotel in the country.
"We have now entered the hospitality segment as there is a huge potential in this sector. We are planning to open three more hotels over the next two-years at an investment of Rs 400-450 crore," Kanakia Spaces' Chairman and Managing Director, Rasesh Kanakia, said here.
The group has invested Rs 250 crore in the development of Marriott's 300 room Courtyard hotel in Mumbai, that was thrown open to the public on April 9.
The three hotels would be coming up in Lucknow, Ahmedabad and Goa. While the Lucknow property would be a Courtyard by Marriott, the other two properties have not yet been finalised, Kanakia said.
"We will open another Courtyard by Marriott in Lucknow and the development work has begun. We have already acquired land in Goa and Ahmedabad and will soon tie-up with some hotel chain," Kanakia said.
Kanakia Spaces, which holds a 70 per cent stake in the BSE-listed multiplex chain Cinemax, also plans to open 40-50 screens across the country this year.